Technical Daily Analysis: May 11, 2023 – US Dollar Movement Fluctuates

The following is a technical daily analysis, May 11, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results. So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to take part in the GIC Gebyar Prize and get the main prize, namely Mobile Mitshubshi Expander or Vacation Package to Labuan Bajo for 4 days and 3 nights. In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

Daily technical analysis for the EUR/USD pair on the 1-hour period tried to move downwards to the support level at 1.09650 to the next support level at 1.09070. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 3.2 than the USD figure of 7.5. While the bearish trend is also supported by sell signals indicated by red arrows.

Suggest: Sell 1.09650 TP1 1.09380 TP2 1.09070 SL 1.10000

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.25900 until the next support level at 1.25540. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 4.2 from the USD figure of 7.7. While the bearish trend is also supported by sell signals indicated by red arrows.

Suggest: Sell 1.25900 TP1 1.25540 TP2 1.25060 SL 1.26310

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level at 0.67650 until heading towards the next support level at 0.67010. The downward trend can also be seen from the FXBot template, where the AUD figure is lower by 3.2 than the USD figure of 7.4. While the bearish trend is also supported by sell signals indicated by red arrows.

Suggest: Sell 0.67650 TP1 0.67330 TP2 0.67010 SL 0.68000

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period is trying to move upwards, it is necessary to break through the resistance level at 0.89200 and go to the next resistance level at 0.89570. The upward trend can also be seen from the FXBot template, where the CHF figure is 0.3 lower than the USD figure of 7.4. While the bullish bias is also supported by the Buy signal indicated by the green arrow.

Suggest: Buy 0.89200 TP1 0.89570 TP2 0.89880 SL 0.88980

USDJPY

USD/JPY on the 1-hour period is trying to move up, needing to break through the resistance level at 134.4000 to the next resistance level at 134.780. The upward trend can also be seen from the FXBot template, where the JPY figure is lower by 6.1 than the USD figure of 7.2. While the bullish bias is also supported by the Buy signal indicated by the green arrow.

Suggest: Buy 134.400 TP1 134.780 TP2 135.000 SL 134.100

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the 2025.00 support area until the next support level at 2015.00. While the bearish trend is also supported by sell signals indicated by red arrows.

Suggest: Sell 2025.00 TP1 2020.00 TP2 2015.00 SL 2033.60

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period trying to move sideways needs to pass one of the levels, for a bearish trend it needs to pass through the support area at 71.95 to the next support level at 70.76. Meanwhile, to change the bias to bullish, oil prices need to cross the resistance level at 73.83 to the next resistance level at 74.90.

Suggest: Sell 71.95 TP1 71.40 TP2 70.76 SL 72.50